Top China Stories from WSJ: Yuan Storms Back, Cadillac, Baidu Buy

An employee counts yuan banknotes at a branch of Bank of China in Taiyuan, Shanxi province on February 10, 2010.

Your daily round-up of the best of the Journal’s China coverage:

China Banks Adjust as Hong Kong IPOs Dry Up: Facing a downturn in Hong Kong IPOs, Chinese investment banks in the city are either cutting staff or focusing on bonds to mitigate weakness in their core business. (Free)

Baidu to Buy Online Video Service: Baidu is buying the online video unit of PPStream, making Baidu one of the most significant competitors in online video in China. (Subscriber Content)

GM to Build Cadillac Plant in China: General Motors Co. said its Shanghai GM joint venture received permission from Chinese authorities to build an eight billion yuan ($1.3 billion) factory to manufacture its Cadillac brand, boosting the auto maker’s ambition of becoming a larger player in China’s booming luxury-car market. (Subscriber Content)

Yuan Storms Back Against the Dollar： A flurry of moves by the Chinese government caused its currency to ricochet over two days of volatile trading, and left many investors convinced that the yuan soon will become more freely traded. (Subscriber Content)